Hard Money vs. Personal Line of Credit for Rehab

[Chris Reichenbach]

I recently bought a 2 bed 1 bath in Kannapolis, NC. I bought into around $10k of equity with an appraisal of $170,000 and would like to rehab and refinance around the end of 2023 to get my money out and then buy another place to rinse and repeat the process. I plan on starting the bigger parts of the rehab around September so I have some time to plan things out, but I'm looking at an ARV of about $190,000 and putting in about $15-20k in rehab/updating.

I'm just looking for more information about whether to look at a hard money loan or use a personal line of credit for this. I know there's minimum amounts to borrow if hard money is used but I wasn't sure if a personal line of credit would work or if I would have to get a small business loan for the $15-20k amount?

If anyone has any insight or ideas I would greatly appreciate it!